Flat packing in the USA: Ikea invests £1.7bn in stateside arm April 20, 2023 Ikea will invest €2bn (£1.7bn) into the US market, its biggest investment into a single market to date, as the home furnishings giant looks to capitalise on the current economic climate. The flat pack retailer said it plans to open eight new sites in the US alongside nine planning studios and order points, The Financial [...]
Dunelm: Savvy shoppers cash in on later winter sales as online purchasing booms April 20, 2023 Dunelm shoppers looking to bag a bargain were boosted by a delayed winter sale, with online purchases seeing another post-pandemic bump. The London-listed retailer reported sales of £432m up from £399m in the same period compared to last year. Dunelm attributed the moving of its Winter sale into the third quarter – compared to the [...]
Coronation: 250,000 tourists set to serve up a multi-million pound boost to London’s pub and retail sector April 18, 2023 London’s retail and pub businesses are gearing up for a multi-million pound boost in trade over the weekend of the King’s Coronation in May as tourists flocking to the city will send sales in drinks and shopping to new highs. Sarah Willingham, owner of bar group Nightcap PLC, told City A.M that the celebration is [...]
Insolvencies at ‘jaw dropping’ level as debt industry warns UK economy ‘is not out of the woods yet’ April 18, 2023 More companies in England and Wales entered insolvency during March than at any point since monthly records started three years ago, according to official data that showed a 16 per cent increase on a year ago. The Insolvency Service reported 2,457 corporate insolvencies last month, up from 1,784 in February. The rate of companies falling into insolvency [...]
Halfords share price soars as retailer’s motoring offering woos cash-strapped Brits April 18, 2023 Halfords‘ share price soared over eight per cent this morning as the motoring and cycling giant revealed its sales could top £1.9bn. The Birmingham headquartered retailer, which has seen its shares slide 30 per cent in the last year, said it expected pre-tax profits to come in at around £90m to £110m, up from £50m [...]
THG shrugs off £495m operating loss as luxury retailer mulls Apollo buyout April 18, 2023 THG has revealed an operating loss of £495.6m as the online retailer admitted having to fork out for soaring international delivery costs and a strategic review of its stock The London-listed e-commerce platform posted a 2.7 per cent jump in group revenues to £2,239.2m, compared to £2,179.9m the previous year, as the company undergoes a [...]
FTSE 100 close: THG skyrockets 40 per cent while miners edge London index higher April 17, 2023 London’s FTSE 100 kicked off a fresh week in muted fashion today, inched higher by investors snapping up shares in mining giants, while fashion firm THG skyrocketed more than 40 per cent on mounting takeover rumours. The capital’s premier index added 0.1 per cent to close at 7,879.52 points, while the domestically-focused mid-cap FTSE 250 [...]
Quiz takes a dressing down as fashion retailer sounds warning over cost of living April 17, 2023 High street retailer Quiz blamed high inflation and a knock in consumer confidence for a dip in like-for-like revenues during the first two months of the year. The clothing brand sounded a note of optimism, stating its trading remained consistent with that of pre-pandemic levels. The London-listed retailer’s group revenue rose 17 per cent to [...]
Crisis, what crisis? Interest income boosts US banks as boon expected to continue April 16, 2023 The largest US banks appear in rude health despite concerns about the wider financial sector as higher interest rates continue to boost lenders. JP Morgan, Citi and Wells Fargo all beat expectations when they released results for the first quarter on Friday. In response, analysts at UBS wrote “crisis, what crisis? The banking industry flexes [...]
HSBC’s exit from French retail market set to face delays as ‘unexpected interest rate rises’ force Cerberus to find more cash April 14, 2023 HSBC’s exit from the French retail market has been thrown into doubt after Cerberus Capital said it will need to stump up more cash to fund the transaction as a result of rising interest rates. In a statement today, HSBC said “unexpected interest rate rises” have forced Cerberus to significantly increase the amount of capital [...]